Abstract: Government budgeting among other objectives suppose to be a guide to government spending as a tool of financial resource allocation for a particular time referred as the budget period. Consistent adherence to approved estimates over a period of time depicts the seriousness a government and its official attach to the polices itemize in the policy document called budget. This will engender growth and development within an economy. In developing economies as Nigeria, supplementary budgets, budget-deficits and budget abuse are common occurrences. The study therefore, examines what government budget objectives should be the practice of budget discipline, the connection between government budget and external reserve and why budget indiscipline is becoming a culture in Nigeria. The study concludes by putting in place useful suggestions on how to safeguard the fledging buoyant external reserves of Nigeria.